The company said net sales for the 3 months ended June 30, 2024 were $1.90 billion, up $45.6 million (2.5%) from $1.85 billion a year earlier, and net income was $425.4 million.

1. 01

   The company said net sales for the 3 months ended June 30, 2024 were $1.90 billion, up $45.6 million (2.5%) from $1.85 billion a year earlier, and net income was $425.4 million.

2. 02

   The company said foreign currency exchange rate changes had an unfavorable impact of about $67.7 million ($34.0 million related to Argentina) on net sales in Q2, and that net sales on a foreign currency adjusted basis increased 6.1%.

3. 03

   The company said gross profit for Q2 was $1.02 billion, with gross profit as a percentage of net sales at 53.6% (52.5% a year earlier), and that operating expenses rose 9.3% to $492.3 million.

4. 04

   The company said it repurchased about 56.6 million shares at $53.00 per share, for a total of about $3.0 billion, through a modified Dutch auction tender offer on June 10, 2024, funded with about $2.25 billion of cash on hand and about $750 million of borrowings.

Key figures

Quarter ended June 30, 2024

Revenue

$1.9B

Operating income

$527M

Gross profit

$1.0B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.